TSB boss Paul Pester is to leave the troubled bank in the wake of its botched IT switch earlier this year and a string of ongoing technology failures.

Mr Pester's departure comes after a seven-year stint at the top, which has been marred by the IT woes that left up to 1.9 million people using TSB's digital and mobile banking locked out of their bank accounts.

TSB's non-executive chairman, Richard Meddings, will take on the role of executive chairman with immediate effect to begin the hunt for a new chief executive.

(Image: Nick Ansell/PA Wire)

Mr Meddings said: "Although there is more to do to achieve full stability for customers, the bank's IT systems and services are much improved since the IT migration.

"Paul and the board have therefore agreed that this is the right time to appoint a new chief executive for TSB."

Mr Pester said it had been a "privilege" to lead the bank, but admitted that the past few months have been "challenging for everyone at TSB".